The Department of Finance (DOF) expects the Philippines to achieve a historic P606.6 billion in non-tax revenues for 2024, exceeding targets by more than 200 percent and surpassing the 2023 total by more than half. “Emerging non-tax revenues for the full year 2024 are expected to reach P606.6...
Total tax collections for 2024 reached P3.55 trillion as of end-November, according to the Department of Finance (DOF). This record marks an 11.5-percent increase from the previous year, which was driven by a 13.9-percent rise in Bureau of Internal Revenue (BIR) collections to P2.67 trillion...
The International Finance Corp. (IFC) has extended a $150-million loan package to Asialink Finance Corp. (AFC) so it can lend to small, especially women-owned, businesses in the Philippines. The Washington-based private-sector lending arm of the World Bank Group (WBG) disclosed on Dec. 26 that the...
President Marcos’ chief economic manager stated that he expects an additional P300 billion to be injected into the government’s treasury over the next five years following the planned revision of existing passive income tax law. Department of Finance (DOF) Secretary Ralph G. Recto, during...
Filipinos may soon experience relief from the additional burdens linked to paying electricity bills as the Department of Finance (DOF) and the Department of Energy (DOE) have signed a joint memorandum circular (JMC) granting tax exemptions to qualified electric cooperatives (ECs). According to DOF,...
The recently enacted corporate recovery and tax incentives for enterprises to maximize opportunities for reinvigorating the economy (CREATE MORE) is proving to be a game-changer in attracting global investors, earning praise from Japanese, American, and British business leaders. According to the...
The Department of Transportation (DOTr) has signed agreements with major private corporations for three key infrastructure projects aimed at boosting tourism, trade, and transportation across the Philippines. According to the Department of Finance (DOF), the Public-Private Partnership (PPP)...
Monetary Board (MB) member and Department of Finance (DOF) Secretary Ralph G. Recto aligned with market consensus, expecting that the central bank will likely reduce its key borrowing cost by 25 basis points during its final policy meeting on Thursday, Dec. 19. "I agree with the market consensus of...
President Marcos’ chief economic manager stated that the national government plans to reduce its foreign borrowings to 10 percent over the medium term, making the domestic borrowings stand at 90 percent. This came after the Department of Finance (DOF) Secretary Ralph G. Recto affirmed the...
The Department of Finance (DOF) is upbeat on its expectation that the government’s total revenue collection for 2024 will reach P4.42 trillion by the end of the year, exceeding the full-year target of P4.27 trillion. In a Dec. 16 statement, the DOF stated its anticipation that emerging...
The Philippine government and the World Bank have kick-started the implementation of a project loan aimed at putting in place a climate-resilient, inclusive as well as secure broadband connectivity in the country. The World Bank disclosed on Dec. 12 that Finance Secretary Ralph G. Recto, on behalf...
The Washington-based Institute of International Finance (IIF) sees the Philippine economy growing below the government's goal this and next year mainly due to external developments—especially the slowing Chinese economy and forthcoming US tariffs—impacting global trade. In a Dec. 11...
